Good day, and welcome to Oxygen Biotherapeutics' Fourth Quarter and Fiscal Year 2014 Conference Call. At this time, all participants are in a listen-only mode. There'll be a question-and-answer session at the end. Please be advised that this call is being recorded at Oxygen's request. I'd now like to turn the call over to Nancy Hecox, Oxygen's Executive Vice President, Legal Affairs, General Counsel and Corporate Secretary. Please proceed.

Good morning, everyone and welcome to Oxygen Biotherapeutics' fiscal year 2014 conference call. The news release with our financial results and corporate update became available at 8 a.m. Eastern Time today and can be found on our website at www.oxybiomed.com. You can also listen to our live webcast and replay of today's call on the Investor section of the website. Before we begin, let me remind you that statements made on today's call regarding matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of these forward-looking statements include, statements concerning the expected timings of the company's clinical trials, statements concerning the potential results of pre-clinical trials and future development milestones for the company's product candidates. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed and implied by such forward-looking statements. Risks are described more fully in Oxygen's filings with the Securities and Exchange Commission. All forward-looking statements made on today's call speak only as of the date on which they were made. Oxygen Biotherapeutics undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. Joining me on the call today is John Kelley, Chief Executive Officer of Oxygen Biotherapeutics who will discuss recent company highlights. Following John, Michael Jebsen, Oxygen's Chief Financial Officer will review the company's financial results for fiscal year 2014 after which we will open the call for Q&A. Now let me turn the call over to Oxygen's CEO, John Kelley.

Thank you, Nancy. Good morning everyone and thank you for joining us today. Before we begin, I'd like to note that we plan to make these quarterly financial results call a regular occurrence going forward. This past fiscal year has been a transformed one for the company, highlighted by the acquisition of the assets of Phyxius Pharma and bringing the North American rights with developed and commercialized levosimendan to Oxygen. Oxygen is a new company focused on critical care medicine with a late stage proven asset entering Phase III with regulatory support and a de-risk clinical profile. First of all, I do want to acknowledge the tremendous job that we've done to improve the financial situation prior to the Phyxius transaction that made that deal possible. Subsequently we raised $55 million in a secondary offering, which gives us the resources to take levosimendan through approval and the flexibility to be strategically opportunistic. The Company has been totally focused on execution in recent months putting all the elements in place to initiate the Phase III levosimendan trial. We are fortunate to be working with the largest academic research organization in the world; Duke Clinical Research Institute, which as you know has vast experience in conducting cardiovascular trials. We also have a topnotch Steering Committee in place for the Phase III rial, which including leading experts in cardiovascular surgery from both the United States and Europe. As of today, the first sites have been activated and we expect to see the first patient enrollment trial shortly. The protocol for this trial has been approved by the FDA under special protocol assessment. The FDA has also granted fast track status for the development of levosimendan to reduce morbidity and mortality in cardiac surgery patients at risk for developing Low Cardiac Output Syndrome and…

Thanks John. We reported net revenue of $159,000 for the year ended April 30, 2014, compared to $1.2 million in the prior year. The decrease in net revenue was due primarily to the reduction of direct cost reimbursements for work performed under our pre-clinical Oxycyte studies, which were funded by the U.S. Army. Early in the last fiscal year we completed the majority of the associated studies, which led to the submission of safety data to the FDA and ultimately their decision to release the clinical hold on Oxycyte. Total operating expenses for the year ended April 30, 2014, were $16.7 million compared to $6.4 million in the prior year. General and administrative costs increased $10.1 million and research and development cost increased $500,000 due to increases in personnel, legal, and professional fees and the cost associated with initiating the Phase III clinical trial for levosimendan. General and administrative expenses for the year ended April 30, 2014, were $13.8 million compared to $3.7 million in the prior year. This increase was due primarily to the expense recognition of approximately $8 million for the granting and vesting of stock options and restricted stock as well as an increase in overall salaries and performance bonuses paid in the current year. Headcount increased with the addition of John Kelley, our CEO and two other executives that were brought in from Phyxius Pharma following the acquisition of the license for levosimendan. Legal and professional fees increased approximately $550,000 due to the legal banking and accounting fees related to the Phyxius acquisition and cost incurred for external Investor Relation services. Research and development expenses for the year ended April 30, 2014, were $3 million compared to $2.5 million in the prior year. The increase in research and development expenses was due primarily to increase in…

Thank you. At this time, we'll be conducting a question-and-answer session. (Operator Instructions) Our first question today is coming from Jeffrey Cohen from Ladenburg Thalmann. Please proceed with your question. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: Hi, thanks, good morning. Thanks for taking my questions.

Hi Jeff. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: How you're doing? The K is not up yet, so just a couple of questions on that. What was the number of shares that you used for the full year in Q4 Michael? Do you have that handy?

I'm sorry Jeff, what was that question. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: The share count that was used for the fourth quarter and the full year?

As of July 24, we had 28,107,206 shares outstanding. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: Okay. And do you know what the average was used for full year in the calculation.

For full year, the weighted average was 9,362,031. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: Okay. And it looks like the loss -- so the loss was $19.5 million, so the fourth quarter loss would have been $13.8 million and what was that for the two line items, SG&A and R&D?

The majority of that would have been the recognition of approximately $8 million for the granting and vesting of stock options that were issued in accordance with the asset purchase agreement with Phyxius Pharma. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: Perfect. Got it. And you're changing your name in the next few days, how are you spelling that, Tenax?

Well actually Jeff, we will ask for shareholder approval to change that name on September 11. And yes, it's spelled T-E-N-A-X. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: Tenax Therapeutics Incorporated.

Correct. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: Okay. As far as the sites and enrollment date, so John you said, sites have been activated, could you give us an indication of how many?

As of today, two sites will be in a position to begin enrolling and with another two coming on Board, probably within the next couple of days. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: Okay. And do you anticipate the first enrollee in a matter in the short term or the immediate term?

No, I think that the sites that are activated, they have everything in place to begin enrolling patient. So it really is a matter of what they have scheduled. We have not seen any surgery scheduled yet, but we will be checking on that, but it should be shortly. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: Okay. Will that be [AKA when] (ph) this first enrollee?

We will let you know. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: Okay. And are we going to find out any of the site names or that will become apparent at some point on the Clinical Trials website?

It will certainly become apparent on Clinical Trials website as we have them activated and they begin to enroll. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: Okay. And just a little bit on the financials for next year, I guess Michael you mentioned approximately $15 million total spend, which is comprised of approximately $5 million G&A and $10 million R&D, is that right?

Correct. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: And how might that look throughout the year? Will that be kind of linear ramp?

It's not going to be linear. As the site start to come on Board in probably in our second fiscal quarter, you will start to see growth in the R&D spend and that growth will continue quarter-over-quarter as we get through the -- towards the end of the fiscal year and get up to our full 50 sites enrolling and patients coming through. Jeffrey Cohen - Ladenburg Thalmann & Co., Inc.: Got it. Okay. That does it for me. Thanks a lot guys.

Thanks Jeff.

Thank you. (Operator Instructions) Our next question is coming [William Lap] (ph) a private investor. Please proceed with your questions.

Good morning. So could you comment on what's going to happen to the Oxygen product and what you are doing with that? Then you just talk about the new acquisition products but all the money that's been spent on that what's the forecast and what are you going to do with this product that you have spent all this money on?

First of all, hi Bill, it's been long time since we've spoken, this is Michael Jebsen.

Hi Mike, how're you?

I'm doing well. Thank you. We are currently and continuing to enroll in the Phase IIb STOP-TBI trials with Oxycyte. As we mentioned earlier in the call, we wrapped up the pre-clinical safety studies and submitted that data to the FDA and subsequently got the clinical hold release from the FDA on future development of Oxycyte. Where we stand with the program today, we are still evaluating potential expansion throughout Europe. We are putting together additional submission for the FDA so that we can clarify what the development pathway for the drug looks like in the United States. We continue to support our research and development agreements with the Army and Navy as they look at other indications as well as our partnership with Aurum Biosciences, the company in Scotland that's using Oxycyte not only as a diagnostic but also as a potential therapeutic benefit for Acute Ischemic Stroke.

And what about Israel; are those tests still going on?

Yeah. That Phase IIb study, the sites in Israel and Switzerland are still ongoing.

But is there going to be -- have you funds allocated for it. It's not going to be -- the high program is primary but you do intend to spend money and to pursue them and I take it correct depending on if you get clarity from the FDA?

Yeah. We are continuing down the strategy as it existed prior to acquisition with Oxycyte. There have been no changes at this point as it relates to as that development program.

Okay. It doesn't seem to be even mentioned in your key presentation that…

The focus of John's presentation is where the majority of our resources for the financial and managerial are going to be and that is getting this Phase III trial initiated up and running. Get the sites activated and get on pace to complete this Phase III trial in the budgeted time period and under the budgeted cost and that is the story of our...

But if the results are good and you get some -- you would divert resources for that also right. You're not going to -- correct for the Oxy?

We continue to evaluate Oxycyte, no differently than we did in prior years.

Okay.

So how much do you have budgeted for that Michael?

That goes a long way. We spend about $1.5 million to $2 million a year maintaining that trial.

Okay. All right. Thank you.

Thank you for your questions. I will now turn the call over to Mr. John Kelley for closing remarks.

All right Kevin, thank you. And I want to thank everyone for joining us today. As I said earlier, this is sort of a continuing quarterly update on how we're tracking here at soon to be Tenax Therapeutics. I want to thank you for your participation. And wish everyone a great day. You can disconnect now. Thank you.

Ladies and gentlemen, that does conclude today's teleconference. Thank you once again for your participation today. You may now disconnect your lines. Everyone have a great day.